Harris’s economic pitch could cost $1.7 trillion: Analysis
![Harris’s economic pitch could cost $1.7 trillion: Analysis](https://thehill.com/wp-content/uploads/sites/2/2024/08/harriskamala_bidenjoe_081524gn03_w.jpg?w=900)
Vice President Harris’s recent proposals laid out as part of her Agenda to Lower Costs for American Families could increase the nation’s deficits by $1.7 trillion over a decade, a new analysis found, though the campaign is vowing offsets through taxes on the rich.
Harris unveiled several proposals Friday as part of her agenda for the economy if she wins the presidency later this year, including a measure that would beef up the child tax credit (CTC) to provide a $6,000 tax cut to families with newborn children.
The plan also calls for the restoration of an expansion to the CTC that was passed as part of a sweeping coronavirus relief package in 2021 known as the American Rescue Plan, pressing for up to $3,600 per child tax credit for some families.
In an analysis from the Committee for a Responsible Federal Budget (CRFB) released later on Friday, the group estimated Harris’s proposals to expand the CTC could come with a price tag of $1.2 trillion from fiscal 2026 through 2035.
Other measures proposed in the plan that would expand the earned income tax credit (EITC), set up a tax credit for first-time homebuyers, extend the Affordable Care Act premium tax credit expansion and efforts to support affordable housing, could cost upwards of $700 billion during the same time frame, CRFB noted.
The group estimates the proposed plan could cost $1.95 trillion over 10 years, but notes that figure could climb to $2.25 trillion if some of the proposed housing measures set to take place if Harris is elected are made permanent.
However, the group says the estimated cost is “partially offset” through other agenda items aimed at lowering prescription drug costs that could help generate “roughly $250 billion of savings.”
“The Harris campaign has emphasized that the major housing policies would only be in effect for four years. However, if they were extended permanently, the fiscal impact would grow to $2 trillion,” the group said.
While the agenda doesn’t offer specifics on how the measures will be paid for, the campaign said Friday that any additional costs above the fiscal 2025 budget would “be offset by increased taxes on corporations and high earners.”
The analysis is the latest estimate shining a light on the potential price tags of some of Harris and former President Trump’s economic plans as both battle it out for the White House.
The Congressional Budget Office also projected in May that the extension of tax cuts passed as part of Trump’s signature 2017 tax law could add trillions of dollars to the nation’s deficits over roughly the next decade.
Date: |
-
CBS News - Top stories
Analysis of the words Trump, Harris relied on in their first debate
CBS News Confirmed analyzed the words Trump and Harris used during the presidential debate to determine what themes and rhetoric they used to appeal to voters.1 hour ago -
ABC News - World
Harris' suggestion that Poland could be next if Ukraine loses the war resonates with Poles
U.S. Vice President Kamala Harris' warning that failing to support Ukraine could leave Poland and other countries open to attack by Russia is resonating in Poland5 hours ago - Ukraine -
MarketWatch - Business
The Harris-Trump debate ignored this $22.6 trillion issue that most workers are worried about
If only someone could find a way of dressing up these voter concerns as dogs and cats in Springfield, Ohio.6 hours ago -
ABC News - Top stories
Fact-checking economic claims Trump and Harris made at debate
Vice President Kamala Harris and former President Donald Trump met for the first time Tuesday in their first presidential debate of the 2024 election, hosted by ABC News.7 hours ago - Donald Trump -
CNBC - Business
Social Security cost-of-living increase for 2025 could be 2.5% — the lowest since 2021, estimate finds
As inflation subsides, Social Security beneficiaries are poised to see a lower benefit increase next year.7 hours ago -
CBS News - Top stories
Trump and Harris presidential debate fact-checks and analysis
Former President Donald Trump and Vice President Kamala Harris faced off in their first debate Tuesday night, hosted by ABC. Following the debate, CBS News' Norah O'Donnell, correspondents Major ...9 hours ago - Donald Trump -
Wired - Tech
The Cost of Lightning
Exactly how climate change will impact lightning isn’t clear, but governments, public bodies, and the military are prepping for stormier weather.12 hours ago -
NBC News - Politics
Chuck Todd: Harris avoids some big questions, but Trump’s lack of control costs him
In many ways, Tuesday’s debate was quite familiar.15 hours ago - Donald Trump -
NBC News - Politics
Kamala Harris and Donald Trump face off in 2024 presidential debate: Full analysis
NBC News's Tom Llamas and Hallie Jackson break down the first presidential debate between former President Donald Trump and Vice President Kamala Harris.19 hours ago - Donald Trump
More from The Hill
-
The Hill - Politics
Gas prices slump, marking possible good news for Harris
Oil prices hit a three-year low this week, a milestone that comes after six weeks of consecutive gasoline price decline. The drop has little to do with the Biden administration’s direct ...40 minutes ago -
The Hill - Politics
Defense hawks oppose House GOP's six-month CR plan
House Speaker Mike Johnson's (R-La.) Plan B for a stopgap federal spending bill is a no go if it still includes a six-month time frame, according to GOP defense hawks. “I wouldn't vote for anything ...1 hour ago -
The Hill - Politics
GSA says 337K Taylor Swift referrals have come to vote.gov
More than 330,000 visitors have flocked to vote.gov by way of pop superstar Taylor Swift’s postdebate endorsement of Vice President Harris, according to the General Services Administration (GSA). ...1 hour ago -
The Hill - Politics
The factors contributing to high parental stress
Click in for more news from The Hill {beacon} Health Care Health Care The Big Story The stress factors for parents that sparked a federal warning U.S. Surgeon General Vivek Murthy issued an ...1 hour ago -
The Hill - Politics
RFK Jr. suggests independent support for Trump will drop in wake of debate
Former independent presidential candidate Robert F. Kennedy Jr. suggested Wednesday that former President Trump’s debate performance could have an impact on independent support, saying polling next ...1 hour ago - Donald Trump